Apr 27 2008, 12:35 PM
QUOTE(dkyj123 @ Apr 25 2008, 11:18 AM)
RULE: EARN, SAVE and INVEST
I believe this is the key to be rich for everyone; either you run a business or you work for people; either you are mediocre or with great business mind.
To run a business, the rule actually help you to spend more wisely, be cost efficient and plan/think twice before investing. (you don't wanna lose your hard-earn&save money)
As a normal 9-5 worker like myself, this is even more essential because the income is fixed and it's the only way out.
Don't forget, every single cent is your soldier to fight the battle. So, the more soldiers you have, the more confidence you gain and the higher chances you gonna win the investment battle. That's why the rich get richer.
To save, you need to spend on what you need only and hold strong to the principle.
So for a fresh grad, i assume 21 yrs old, try to save as much as 100k within 3 yrs.
Invest more in your job skills to boost your career and also begin to invest in shares, options, warrants and forex. My preference is shares.
Start small and invest in aggressive instruments. So by 24, your savings + investment return should be more than 100k. The first bucket of gold is in your hand and you can start playing it big.
Your investment for the next five years will decide your future. Double your money, reinvest, and double it again. You also need to repeat the process of saving another 100k and invest. Assuming you will get increment and other sources of income, try to save more and invest more.
Investment depends on luck and strategy. If you manage to buy genting 1 month before they got the IR project, you would have doubled your money in 2 months. If you bought in any plantation counter 1 year ago, you would have doubled also.
Don't forget the HK undergraduate who borrowed 30k from his parents to buy shares, he managed to make 1 million just in 1 year. Of course don't expect to be like him, but at least give it a try and be hopeful.
That's all. Feel free to criticize...am i a dreamer? lol
Yup I second that statement very much. Just that I felt you missed out property as that is one very essential instrument in this manner. If I have 100k, I will put 20k downpayment to get a property to rent out, 20k cash in FD on a monthy basis so you can still withdraw cash if u need to use (dont get greedy and take 1 year just for small difference cos you might lose it all ) and another 60k to do business, mutual fund, etc. this way, u reserve 20% solid cash with FD that still on par with inflation, 20% on a standing property provided the location is good and u get rent every month while another 60% on full force of pure intangible investment I believe this is the key to be rich for everyone; either you run a business or you work for people; either you are mediocre or with great business mind.
To run a business, the rule actually help you to spend more wisely, be cost efficient and plan/think twice before investing. (you don't wanna lose your hard-earn&save money)
As a normal 9-5 worker like myself, this is even more essential because the income is fixed and it's the only way out.
Don't forget, every single cent is your soldier to fight the battle. So, the more soldiers you have, the more confidence you gain and the higher chances you gonna win the investment battle. That's why the rich get richer.
To save, you need to spend on what you need only and hold strong to the principle.
So for a fresh grad, i assume 21 yrs old, try to save as much as 100k within 3 yrs.
Invest more in your job skills to boost your career and also begin to invest in shares, options, warrants and forex. My preference is shares.
Start small and invest in aggressive instruments. So by 24, your savings + investment return should be more than 100k. The first bucket of gold is in your hand and you can start playing it big.
Your investment for the next five years will decide your future. Double your money, reinvest, and double it again. You also need to repeat the process of saving another 100k and invest. Assuming you will get increment and other sources of income, try to save more and invest more.
Investment depends on luck and strategy. If you manage to buy genting 1 month before they got the IR project, you would have doubled your money in 2 months. If you bought in any plantation counter 1 year ago, you would have doubled also.
Don't forget the HK undergraduate who borrowed 30k from his parents to buy shares, he managed to make 1 million just in 1 year. Of course don't expect to be like him, but at least give it a try and be hopeful.
That's all. Feel free to criticize...am i a dreamer? lol
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